Common use of Passing of Property Clause in Contracts

Passing of Property. 4.1 Until You make full payment for all goods and services and for all other amounts owing to Us: (a) title in all goods remains vested in Us; (b) You must hold the goods as fiduciary bailee and agent for Us; (c) You must hold the proceeds of sale of the goods on trust for Us in a separate account with a bank to whom You have not given security however failure to do so will not affect Your obligation as trustee; (d) in addition to our rights under the PPSA, We may enter any premises and remove the goods and for this purpose You irrevocably licence Us to enter such premises and also indemnify Us from and against all costs, claims, demands or actions by any party arising from such action; and (e) We retain a lien over any Vehicle which entitles Us to sell any Vehicle in Our possession, subject to providing 14 days written notice to You, by treaty or public auction as We deem suitable, and allocate the proceeds to satisfy any amounts owing. 4.2 You acknowledge that We have a statutory right to sell or dispose of uncollected goods pursuant to and within the meaning of the Australian Consumer Law and Fair Trading Act 2012 (Vic) or Disposal of Uncollected Goods Act 1968 (Tas) (as applicable).